Now I know that there is no such thing as a will in this game and if you die and respawn you can't get your items handed back to you but what if you earn the credits through hard work to buy them back? Is that allowed or should one just not bother trying?

Yes and no. If you specifically hunt down an entity you owned in a previous character to the point where you ignore other, better offers type of thing, then yes it is illegal.

However if you simply ask around for an entity that happens to coincide with one you owned before, and are offered it, then there is no problem. Or so I gathered from what Hal has said before.

Ellias you can buy back something you owned previously, dosen't matter the way you get it. 'Course buying a bayo you owned in a previous life for 10 credits is illegal, the deal has to be legit, but you can search down a past item and buy it.

It's extremely suspect and frowned upon, Art, and that's been said tens, nay, hundreds of times before.

If I die and respawn, eventually buying another Sentinel or YT2k or whatever I previously owned, that would be fine. If I go hunting for my "uber modded Sent with 15 HS and 100 turbolasers", that's going to be looked upon strangely no matter what I pay for it.

The question wasn't whether people would look at you strangely, it was whether you'd be banned for it.

Mikel, but in case of such certain craft it wouldn't be hunt for it just beause previous char owned it, but because of stats. I guess many of us would want modded stuff, why after recreating such desire must stop? And again - I understand that things like "anyone have seen cloakshape La Paloma which belonged to .... and had this ...... custom image?" would be wrong. Still modded stuff is unique and it's obvious one could want it, no matter if his previous char had it or not.
Well, things are just things. Most types of them can be obtainable again with time. But what concerns me more, are factions. Can you join old faction after recreation? Can you aspire to old position? If you're going through whole way to this, why not I'd say? More even, if my char would say "sir,you can't promote me, because in previous body I already was at this rank" - THEN it would be breaking separation of old and new char, as old char's life would affect new one.. Yeah, one would say: join other faction then. But again, why act against own beliefs? If one wants to play imperial guy, and will die enough times to run out of imperial factions heh.. what then? Give up playing or create own, yet another empire (like we wouldn't had enough of them already ;) ) or become freelancer?

Some factions allow people who recreate to return with their new character at their old ones rank - bad OOC/IC separation, but has no bearing with regard to admin banning. Or at least hasn't been done before.

And I said it was frowned upon, Mr. Passive-aggressive Quetzalxochitl, which means you probably aren't making any admin friends if you do so. I'm not the one banning people for things, but that is what's said by those who do.

My understanding of the rule is this:

If you knowingly and deliberately acquire assets owned by one of your previous characters, you will be in violation of the rule, and may be punished.

Whether and how badly you will be punished depends on the manner in which you acquired them. If you were given them by a friend who was holding them, you're both screwed. If you paid fair price for the asset, despite wanting it specifically because your past character owned it, chances are you'll get away with it.

Thanks Hal, That is what I was looking for. I, however, am not going to bother because it might cause trouble. I just wanted clarification.

What if I gave my "uber modded Sent with 15 HS and 100 turbolasers" to a friend and then they assign me as the pilot? I don't own the entity like I used to, but I'm flying that bad boy around the galaxy. Legal or illegal?

Ownership and assignments are two different things. So I reckon that there is no violation there, Ezekiel.

What if our friend will die, and ship ownership will be transfered to pilot, do we have to give it away to random player immediatelly to not break rules? ;)

Count on it. It's not to say you might not get away with it, but don't expect to get away with it and be surprised when you don't.

The sole rationale here is that your new character is not your old character. Ask yourself why that ship is in your possession. If it is because of your old character in any way, you are in violation of the rules. If your friend owns it and assigned it to you, obviously he did that because your old character owned it. Therefore, if he dies and the ship falls into your possession, guess what? It happened because the ship was owned by your old character. That's bad.

That makes the most sense !